New Issue: Deutsche Bank prices $4.06 million knock-out notes linked to S&P 500

By Susanna Moon

Chicago, April 16 – Deutsche Bank AG, London Branch priced $4.06 million of 0% knock-out notes due Oct. 19, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out will occur if the index ever closes below the 77% knock-out level on any day during the life of the notes.

If a knock-out has not occurred and the index finishes at or above the initial level, the payout at maturity will be par plus the index return.

If a knock-out has not occurred and the index finishes below the initial level, the payout will be par.

Otherwise, investors will be fully exposed to any losses.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$4,055,000
Maturity:	Oct. 19, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes below 77% knock-out level and index gains, par plus return; if index never closes below knock-out level and index falls, par; otherwise, investors full exposure to any losses
Initial level:	2,102.06
Knock-out level:	1,618.59, 77% of initial level
Pricing date:	April 10
Settlement date:	April 15
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	25152RC43

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